Internet media are spreading the first photos of Hugo Chavez, President of Venezuela , who has recently survived complicated cancer surgery. Some of them say that Chavez is now having difficulty breathing.
The photos look staged. In these photos, the president smiles and reads a newspaper surrounded by his daughters. The government says that Chavez is recovering. However, most people assume that is not true.
If Hugo Chavez eventually has to resign, Venezuela will see major economic and political changes. Therefore, any information about the president’s health status has a major impact on the situation in the country.
If to take into account the fact that Venezuela can boast the world’s biggest oil reserves, this information also influences the global market of crude oil. Therefore, oil prices grow when mass media report about Chavez’s health status is deteriorating. Today’s good news about Chavez’s health has diminished the volatility of the oil market.
Brent Crude Oil is down by 1,1% or $ 1,3 down to $116,66/b.
WTI is down by 1,6% or $ 1,56 down to $95,72/b.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI oil:
